China Sees an Influx of Registered Blockchain Companies This Year

China Sees an Influx of Registered Blockchain Companies This Year


Ever since the official endorsement of blockchain in China, the country has become one of the most active territories for the technology globally, and other related products, except for cryptocurrencies. Recent data have confirmed an increasing number of blockchain companies, despite the global pandemic. 

10,000 Blockchain companies in China

As reported by LongHash, a cryptocurrency data platform, about 10,000 new blockchain companies have registered in the country, since this year. This is way better than the figure noted three years ago, wherein about 9,000 companies registered for the whole year. 

With about four months left to the end of 2020, the companies are expected to outnumber the previous all-time high (ATH) in 2018, where 18,500 companies registered in the country. Overall, Blockchain companies in China now total 84,410, according to the LongHash report. However, a greater percentage of these companies are not active/operating.

Over 60,000 Companies Are Without License

LongHash further unveiled that only 29,340 out of these companies are operating in the country. A larger percentage, which accounts for 60,729 companies are not in operation. They either have gotten their License revoked or lost their legal status, says the data platform.

Also, about 46 percent of these companies have about $717 worth in Yuan as registered Capital. About 24 percent has a registered capital between $1,435 to $7,175, while only nine percent has over $7,175. Registered Capital refers to the funds contributed by shareholders to a company.

Meanwhile, the growing number of these companies somewhat points towards the surge in the interest of blockchain in China. Perhaps, China has been revealing Blockchain developments, including the establishment of smart cities under the technology.

Sometime this year, Chinese courts deployed blockchain-based e-seals to monitor and secure properties under their custody.

AO/X Staff
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